Getting crafty: Crafting machine maker Cricut files for a $100 million IPO
Cricut, which makes electronic machines for crafting, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
Cricut's versatile connected machines, design apps, and accessories and materials allow its community of 3.7 million users to make personalized crafts. Along with its machines, the company also provides two subscription offerings, Cricut Access and Cricut Access Premium. As of September 30, 2020, the company had nearly 1.2 million Paid Subscribers, and its total community of users grew 66% year-over-year.
The South Jordan, UT-based company was founded in 1969 and booked $762 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol CRCT. Goldman Sachs, Morgan Stanley, Citi, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
The article Getting crafty: Crafting machine maker Cricut files for a $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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